MGmed said it has emerged as the largest stakeholder of Oxford Vacmedix (OVM), a U.K. bio venture developing cancer therapies, having signed a letter of intent to acquire its shares, the Korean pharma said Wednesday. The company did not reveal how many shares it will buy.

Oxford University currently holds a 21.3 percent stake in OVM.

OVM is a spinoff from Oxford University established in 2012 to develop cancer treatments based on its Recombinant Overlapping Peptides (ROP) technology. It is best known for its state-of-the-art, customized anti-cancer treatments that reduce side effects of immunotherapies with ROP technology, MGmed said.

Its ROP technology is patented in the U.S., Europe, Japan, and China. MGmed said it would register for Korean patents upon completion of the acquisition.

Lee Wang-jun (right), chairman of the Myongji Medical Foundation and a director ofMGmed, shakes hands with Anthony Coombs, director of Oxford Vacmedix, aftersigning a memorandum of understanding to cooperate in research and development,clinical trials and investment, at Oxford Science Park, Sunday.

The bio venture currently has two treatments in development. OVM-100, the first HPV treatment to treat cervical cancer, and OVM-200, the first vaccine to target cancer biomarkers (Survivin and IAP), are slated for clinical trials in 2018, according to MGmed.

OVM also has a growing presence in China, having established a branch in Shanghai as a manufacturer of diagnostic reagent kits while developing a production process in China that meets large-scale Good Manufacturing Practice (GMP) before committing to production with a contract manufacturing organization in Europe, MGmed said.

MGmed plans to acquire OVM China after completing the acquisition in the U.K., it said.

MGmed is a Korean pharmaceutical headquartered in Seoul that develops innovative molecular diagnostics for various diseases and reagents for diagnostic tools for cervical cancer, sexually transmitted infections, and other conditions.

The two firms are also working towards preparing a clinical trial center in Myongji Hospital in Korea, with plans to develop cheaper, innovative anti-cancer therapies, MGmed said.